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How the housing market could look in 2019

On Behalf of | Dec 26, 2018 | Residential Real Estate

The housing market in Delaware and throughout the country is forecast to look different in 2019 compared to 2018. In 2019, the number of available homes is expected to increase while the number of buyers is expected to decrease. Mortgage rates are predicted to rise over the course of 2019, which may mean that some people will still be unable to afford their desired homes. Of course, fewer buyers and more inventory could mean less competition for those in the housing market.

Those who are looking to sell their homes will likely need to pay greater attention to how they price their properties. Failing to provide competitive list prices could mean that buyers decide to look at other properties instead. It is expected that home prices will increase up to 3 percent in 2019. This compares to the roughly 5 percent growth in 2018. In addition to more properties available for sale, there will be an increase in the types of properties available.

Townhouses and mobile homes could be options for those who can’t afford single-family homes. Mobile homes cost $70,600 on average while an existing single-family property costs an average of $257,900. Buyers should be aware that rising interest rates could result in current homeowners staying in their own homes. This could suppress the number of starter homes available.

There may be many variables to consider when buying residential real estate, such as the interest rate on a loan or the amount of a down payment. It may be necessary to sell a home prior to buying a new one. Before making an offer on a home, it may be a good idea to have an attorney review its terms. A lawyer may also be able to determine if a seller has made all the necessary disclosures.